Allianz Closes on Budapest’s Allee

Allianz Real Estate Germany GMBH (Allianz) has acquired 50% of Allee Shopping Centre for a price exceeding €100 million. This is the first major investment transaction seen in the Hungarian capital since the property markets retreated and the first acquisition of a shopping centre by Allianz outside Germany. Allianz was represented by Jones Lang LaSalle.

Allee Shopping Centre opened fully leased in November 2009, comprises some 47,000 sq m and is anchored by Interspar, Inditex Group, Van Graaf, H&M, C&A and Electroworld as well as a 13-screen cinema. There is an additional 7,000 sq m of offices. Jones Lang LaSalle’s retail leasing team was exclusively instructed to lease the leisure & entertainment activities and co-exclusive agent on the whole shopping centre together with Cushman&Wakefield.

Erika Pal, Head of the Retail Departmentof the Budapest office said: “Thelast period of the leasing of Allee Shopping Centre was challenging in the difficult market conditions, therefore having reached 100% occupancy by the opening was a unique result on the market.” 

Benjamin Perez-Ellischewitz, Head of Capital Markets for Hungary at Jones Lang LaSalle added: “Allee Shopping Centre has ascertained itself as a new leading retail scheme on the Budapest market and we think that Allianz’s investment at this point in the cycle was perfect timing.”